Rising demand
for eco-friendly vehicles, stringent government regulations, and highly
developed powertrain systems leading to fuel economy are factors which will
drive the global
powertrain market to
expand at a 5.3% CAGR between 2014 and 2020. As a result, this market will
reach an estimated value of US$524.60 billion in 2020 from US$365.67 billion in
2013. The automotive sector being a highly flourishing industry, is anticipated
to grow considerably in the years to come.
The primary
rationale of the powertrain industry is to incorporate fuel economy by way of
reducing the sizes of engines and as a result manage the problem of harmful
emissions. The powertrain system, for any vehicle is a very fundamental
component. It is this system that generates the power that is essential for
vehicles to move. Therefore, it can be said that the performance of a vehicle
depends immensely on its powertrain system.
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On What Basis
is the Global Powertrain Market Segmented?
Vehicle type,
component, and geography are the three parameters based on which the global
powertrain market is categorized. In terms of components, the market is
segmented into differentials, engine, final drive, transmission, and drive
shafts. The segment for engines holds the largest share in the global market,
since it is a primary component that carries out fuel combustion.
On the basis
of vehicle type, the global powertrain market is segmented into construction
equipment vehicles, cars, off road vehicles, LCVs, HCVs, ICVs, defense
vehicles, and farm tractors. The segment for cars holds the largest share in
the overall powertrain market.
Some of the
prominent companies operating in the global powertrain market are Magna
Powertrain, Denso Corporation, Hyundai Motor Co. Ltd., Continental AG, Delphi
Automotive plc, and General Motors Company.
In order to
retain a fair share in the market, companies should seize some of the market
opportunities such as the adoption and application of noiseless and
eco-friendly technology and developing powertrain systems that run on
non-conventional energy sources.
A glaring
challenge faced by the global powertrain market is the rising costs of
powertrain systems.
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Research Report of Global Powertrain Market:
What Makes
Asia Pacific a Potential Leader in the Global Powertrain Market?
Geographically,
the global powertrain market is segmented into Asia Pacific, North America,
Europe, and Rest of the World. With a booming automotive market, the Asia Pacific
powertrain market is anticipated to expand significantly during the forecast
period. Owing to high demand for automobiles, the demand for powertrains will
surge substantially in Asia Pacific. The two main markets for automobiles in
the Asia Pacific are China and India. Moreover, government standards and
regulations pertaining to cleaner environment will further give a big boost to
the demand for powertrains in these countries in Asia Pacific.
The presence
of a large pool of popular automobile brands such as Volkswagen, Mercedes, and
BMW makes Europe the largest regional market in the global market for
powertrains. However, it is the Asia Pacific market that will record the
highest rate of growth in the forthcoming years. Another noteworthy factor that
will drive the demand for powertrain in this region is the growing awareness
about environmental sustainability.
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